The “Reinvent bp” program in 2020 amplified this experience to redesign Production & Operations (P&O) around an agile operating model with mission-driven, crossdisciplinary teams. The company already had a head start: bp started the transformation journey in its upstream business in 2016, founded on agile ways of working and accompanied by investments in digital technology and by ways of working that could spur ongoing growth and innovation. Bernard described this radical shift as “reinventing bp.” To achieve these goals, bp would have to shift from a traditional business model to a much more focused and integrated organization. At the start of 2020, new CEO Bernard Looney announced an updated purpose for the company: to reimagine energy for people and the planet and to be a net-zero company by 2050 or sooner (see sidebar, “bp’s new purpose”). Launch a new team to help countries, cities, and large companies decarbonizeīp has recognized the need for bold action.Aim to be recognized as a leader for transparency of reporting, including supporting the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).Set new expectations for relationships with trade associations.Further incentivize bp’s workforce to deliver aims and mobilize them to advocate for net zero.More active advocacy for policies that support net zero, including carbon pricing.Increase the proportion of investment into non-oil and gas businesses over time.
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Install methane measurement at all bp’s major oil and gas processing sites by 2023 and reduce methane intensity of operations by 50 percent.Fifty percent cut in the carbon intensity of products bp sells by 2050 or sooner.Net zero on carbon in bp’s oil and gas production on an absolute basis by 2050 or sooner.Net zero across bp’s operations on an absolute basis by 2050 or sooner.Our ambition is to be a net-zero company by 2050 or sooner. Our purpose is reimagining energy for people and our planet.
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